SunSirs: The Propane Market Experienced a Narrow Decline This Week (November 20-24)
November 27 2023 11:15:15 SunSira (John)
Price trend
This week, the domestic Shandong propane market experienced a volatile decline. According to the commodity market analysis system of SunSirs, the average price of propane in Shandong Province was 5,763 RMB/ton on November 20th, and 5,750 RMB/ton on November 24th. The weekly decline was 0.22%, a decrease of 1.06% compared to the same period last year.
Analysis review
This week (11.20-11.24), the Shandong propane market did not experience significant fluctuations, and the market was in a narrow consolidation stage. On the news side, the overall rise in crude oil prices had boosted market confidence. The supply and demand side was relatively stable, especially with a decrease in imported goods. The pressure on the supply side was not significant, and downstream demand was stable. The enthusiasm for entering the market was still acceptable.
Saudi Aramco's November CP was introduced, with propane at US dollars 610 US dollars per ton, an increase of 10 US dollars per ton compared to the previous month; Butane was 620 US dollars per ton, an increase of 5 US dollars per ton compared to the previous month.
Market outlook
Overall, the price of propane was relatively high, and the resistance to further increase was increasing. If downstream procurement efforts in the future are limited, it is expected that the possibility of a downward trend in the propane market consolidation will increase.
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